Daily Pivots: (S1) 0.9148; (P) 0.9160; (R1) 0.9171; More….
Intraday bias in EUR/CHF remains neutral first. On the upside, above 0.9177 minor resistance will bring stronger rebound back to 0.9264 resistance. However, sustained break of 0.9155 cluster support (38.2% retracement of 0.8979 to 0.9264 at 0.9155) break of 0.9155 will turn bias back to the downside for deeper pullback to 61.8% retracement at 0.9088 and possibly below.
In the bigger picture, considering bullish convergence condition in W MACD, a medium term bottom should be in place at 0.8979. Sustained trading above 55 W EMA (now at 0.9268) will add more credence to this case. Further break of 0.9394 resistance will pave the way to 0.9660 resistance next. However rejection by the 55 W EMA will set up another fall through 0.8979 low at a later stage.
